Saudi Arabia’s revenue from exports of crude oil and other petroleum products jumped 48% in 2011 as shipment volumes increased over the previous year, OPEC reported.

The world’s largest crude exporter shipped oil and products valued at US$318.5 billion last year compared with US$215.4 billion in 2010, the Organization of Petroleum Exporting Countries said in its annual statistical bulletin.

Saudi exports of crude and other petroleum products rose 6.9% to an average of 8.12 million barrels a day last year, according to the data posted on OPEC’s website yesterday.

Iran, the group’s second-biggest producer after Saudi Arabia, exported crude and petroleum products valued at $114.8 billion compared with $72.2 billion in the previous year, the data showed. Iran’s revenue increased even as the volume of the nation’s shipments fell 8.5 percent, according to OPEC.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

INTERNATIONAL. Washington is moving away from the strategy it has followed since the early 2000s - of being the prime military force in regional conflicts - and is shifting the primary burden of fighting to regional powers while playing a secondary role.

INTERNATIONAL. Washington is moving away from the strategy it has followed since the early 2000s - of being the prime military force in regional conflicts - and is shifting the primary burden of fighting to regional powers while playing a secondary role.